Summary Box: Australia economy expands 1.2 percent in 2nd quarter, fastest pace in 3 years

Summary Box: Australian economic growth jumps

BOOMING: Australia’s economy grew at its fastest pace in three years during the second quarter as demand from China and elsewhere in Asia boosted exports of iron ore and other commodities.

DATA: The economy expanded 1.2 percent in the April-June quarter from the previous quarter, accelerating from revised growth of 0.7 percent in the first quarter.

WHAT IT MEANS: Australia has weathered the global economic downturn better than most developed countries, helped by a 42 billion Australian dollar ($38 billion) stimulus package and China’s ravenous demand for raw materials.